National Cooperative Bank
Lending Pioneers in the New Millennium

Kings Village Corp. had mounting financial challenges. At the start of 1999, this housing co-op, one of the largest in Brooklyn, had more than half of its 777 apartments unsold. And of those, 75 were vacant. In fact, for five years, there had been no unit sales at all. On top of that, many unit owners had stopped paying their monthly maintenance, and vendors were not getting paid, putting the co-op $1.5 million in arrears. National Cooperative Bank’s (NCB) New York Real Estate Team was willing to help, but only if specific steps were taken. It would take a well-orchestrated effort to put things right.

The first action was to give the co-op new muscle for pursuing the collection of delinquent maintenance payments. A new agent, Citywide Management Company, was hired by the co-op. Having worked with Citywide in the past, NCB knew the company would aggressively go after those not paying their maintenance on time.

Next, what to do about the unsold units? The co-op sold them to a new sponsor, a group headed by Michael Samuels, someone familiar to the co-op and NCB because he was a principal with Citywide. The new sponsor agreed to purchase the 397 unsold units with a $1.6 million loan provided by NCB. Samuels’ intention was to renovate the units as they became vacant and then sell or rent them. As the new holder of unsold shares, Samuels helped give the co-op financial stability.

NCB then refinanced Samuels’ $1.6 million bulk unsold share loan extending a new $1.75 million loan to provide additional capital for the renovation of vacant units. As a result, Samuels’ cash flow improved, further enhancing the overall credit of Kings Village.

There was yet another level of coordination–financing for the individual shareholders. So NCB Savings Bank agreed to offer loans to prospective unit buyers, making the newly refurbished apartments saleable.

Comments

I am a first time buyer and am looking at some condos in Park Slope that are small--as low as 5 units/building. I am wondering how to asses the risk involved in buying in such buildings, given that they are new and no track record.

REBNY's highly anticipated Residential Management Breakfast with over 500 attendees brings together owners, developers, and property managers to recognize and honor outstanding leaders in the field of residential property management. For information, visit www.rebny.com.

Session 1: “Capital Projects and Ways to Finance”; Session 2: “How Restoration and Insurance go ‘Hand in Hand’” No cost and limited to managers, board members and volunteers. To register, info@brainerdcommunications.com or 888-445-7946.

This 3-part class gives boards of very small buildings the tools they need to run their buildings efficiently, and to use professionals and vendors to best advantage. Registrants are strongly encouraged to attend all three sessions, the first presents an administrative overview; the second focuses on the physical plant and the third on financial responsibilities. Representatives of CNYC member buildings attend the series for $100; non-affiliates are welcome at a fee of $90 per session, payable in advance. Advance reservations are required. Call the CNYC office at (212) 496-7400 or send e-mail to workshops@CNYC.coop to to pre-reserve your place. Your payment confirms your registration. To pay at the door, pre- register and add $15.

Anderson Kill's Co-op and Condo Group Presents a Seminar Series Part II: "Legal Update"

Updates in the law happen every year and it is important for coop and condo boards to keep informed of the new requirements affecting their buildings. This seminar will focus on the most recent new rules and regulations for coop and condos, ranging from disclosure of conflicts of interest to instituting a smoking policy, from filing bedbug history reports to installation of water-saving fixtures. We will go through the deadlines for compliance and how coop and condo boards can effectively implement these new policies. Registration: 4:00 p.m. - 4:30 p.m.; seminar: 4:30 p.m. - 5:30 p.m.; networking cocktail reception: 5:30 p.m. - 6:30 p.m.. For information, visit www.andersonkill.com.

CNYC: Introduction To Co-Op Board Responsibilities: An Intensive Seminar For New Directors

In this 2-session class, attorney Marc Luxemburg and property manager Gregory Carlson examine all aspects of operating cooperatives. The class is limited to board members of housing cooperatives. It is jointly sponsored by CNYC, the Federation of New York Housing Cooperatives and Condominiums and the Association of Riverdale Cooperatives, each of whose members attend at the member rate.. Advanced registration is required. A light supper is served in the break. The cost is $125 per person if your cooperative is a member of CNYC; FNYHC, CAI Big Apple Chapter or ARC; $200 for non- members. Pre-reserve, by phone (212) 496-7400 or e-mail to workshops@CNYC.coop . Payment sent to CNYC at 250 West 57 Street, Suite 730, NYC 10107 confirms your registration. There is a surcharge of $15 for late payment.

Learn about the latest building services from more than 300 exhibitors. Attend educational seminars, Get free advice from industry experts, and network with your peers at this leading real estate trade show in New York. For more information and to register, visit https://coopexpo.com.

At BMAC Tri-State we will be diving into: rising interest rates, and multifamily financing; development risks: trade tariffs, construction labor shortages, government regulations; second cities, the quest for the urban lifestyle and proximity to what matters; new technology, artificial intelligence and amenities; affordability; investment opportunity and trends. For information, visit www.bisnow.com.

CNYC: Introduction To Co-Op Board Responsibilities: An Intensive Seminar For New Directors

In this 2-session class, attorney Marc Luxemburg and property manager Gregory Carlson examine all aspects of operating cooperatives. The class is limited to board members of housing cooperatives. It is jointly sponsored by CNYC, the Federation of New York Housing Cooperatives and Condominiums and the Association of Riverdale Cooperatives, each of whose members attend at the member rate.. Advanced registration is required. A light supper is served in the break. The cost is $125 per person if your cooperative is a member of CNYC; FNYHC, CAI Big Apple Chapter or ARC; $200 for non- members. Pre-reserve, by phone (212) 496-7400 or e-mail to workshops@CNYC.coop . Payment sent to CNYC at 250 West 57 Street, Suite 730, NYC 10107 confirms your registration. There is a surcharge of $15 for late payment.

The Business of Running your Community Rates $50 - CAI Members $100 - Non-Members Do you serve on the board of your association? Are you considering serving? Whether you are a seasoned board member, a recently elected board member or unit owner wanting to understand more about how an association runs, this is course it for you! For information: Ellen Felix
ellen@caict.org, 860-633-5692.

Grab a seat with your group. Attendees choose topics and our industry leaders rotate table to table and provide answers. Wrap up with a summary discussion and some door prizes! NO CHARGE and limited to board members, managers, volunteers. To register: info@brainerdcommunications.com or 888-445-7946.

Grab a seat with your group. Attendees choose topics and our industry leaders rotate table to table and provide answers. Wrap up with a summary discussion and some door prizes! NO CHARGE and limited to board members, managers, volunteers. To register: info@brainerdcommunications.com or 888-445-7946.

Our Spring Fling Event includes an education program from 3:00 - 5:00 pm open to homeowners & managers. Immediately following is our networking party which is open to everyone. Please register for this event by the status that best describes you. (i.e. Homeowner, Manager, Service Provider). For information, visit Ellen Felix, ellen@caict.org, 860-633-5692

Neighborhoods in NYC tend to start out on the fridge with some great foundations, grow in popularity, see continued capital investment pour in, and then get too expensive for most of the initial residents. How can one best time this cycle and find a way to get in on an emerging market before everyone else knows? Join us and find out! For information, visit www.bisnow.com.

The CAI Annual Conference and Exposition provides education sessions on operations, leadership, innovative business practices and new products and technologies. Industry professionals and homeowner volunteer leaders from around the world come together
to discuss critical issues, network and learn about the latest community association trends. For information, visit www.suncoastcai.com.

A must attend for all board members, property managers, condo & HOA decision makers and apartment building owners. Learn about the latest services from more than 300 exhibitors. Attend educational seminars, network with your peers and get free advice from industry experts. For more information, visit www.nj-expo.com.

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Cooperator.com is an online edition of The New York Cooperator newspaper. The publication serves the co-op and condo community with thousands of free articles on management, finance, maintenance and more...